General Motors Asking Employees to Quit With Voluntary Buyouts
The Joe Biden economy strikes again.
General Motors is asking employees to take a voluntary buyout. It’s a way of cutting jobs without technically laying off any workers.
How many of these workers do you suppose voted for Biden and Democrats?
ABC 12 in Michigan reports:
GM said no layoffs. Now it’s asking workers to quit
General Motors said in January it would save $2 billion without planning any layoffs. But on Thursday it said it was looking for workers to leave voluntarily.
In a regulatory filing, the automaker said it was looking to save costs through attrition and a voluntary separation program in which eligible employees would get a lump sum payment and other severance based on how long they worked at the company. The buyouts would cost the company $1.5 billion before taxes this year.
The voluntary separation program will be offered to all U.S. salaried employees with at least five years of service and global executives that have been with the company for at least two years, a GM spokesperson told CNN. In a statement, the company said that employees are “strongly encouraged to consider” the program.
“By permanently bringing down structured costs, we can improve vehicle profitability and remain nimble in an increasingly competitive market,” a GM spokesperson said in a statement.
The news follows the elimination of hundreds of salaried worker jobs earlier this month. A person familiar with the plans told CNN that those job cuts would affect a few hundred white-collar employees globally.
GM has 167,000 employees globally, with 124,000 in North America. That includes more than 42,000 members of the United Auto Workers union.
Remember the Biden quote about GM from a few years ago?
“Bin Laden is dead. General Motors is alive.” — Joe Biden, 2012 https://t.co/q4nLNRfeFO
— Mark Hemingway (@Heminator) March 9, 2023
How quickly things change.
JUST IN: General Motors offers buyouts to “majority of U.S. team.” Employees have two weeks to decide, per letter sent to whole company. #GM #GeneralMotors $GM #BREAKING
— Dylan Shane Dulberg (@dylandulberg) March 9, 2023
Does anyone believe this would be happening if Trump was still in charge?